Closing Bell: Despite poor jobs & weak news, stocks surprise, Dow, S&P up

Posted Sep 5th 2008 4:17PM by Jon Ogg
Filed under: Nokia Corp. (NOK), Lehman Br Holdings (LEH)

While many sectors were mixed and while there was plenty of bad news, today was actually a win for the bulls. Unemployment flew past estimates to 6.1% to reach its highest levels since 2003 as the economy has seen roughly 600,000 jobs lost so far in 2008. While the markets traded lower initially, they came back over the course of the day as the financial stocks used bad news to buy weakness.

Below are the unofficial closing levels:
DJIA 11220.72 (+32.49)
S&P500 1242.31 (+5.48)
NASDAQ 2255.88 (-3.16)
10YR T-Note 3.66% (+0.017%)
52-Week Lows
Top Analyst Upgrades
Top Analyst Downgrades

Lehman Brothers Holdings Inc. (NYSE: LEH) shares were up 7% at $16.27 on further reports that a merger might be headed its way or that it may break off some of its risky and distressed assets. Some reports put KKR and other private equity firms being interested in investing in the company or in its assets.

Nokia Corporation (NYSE: NOK) shares were down 8% at the end of the day at $20.55 after the company said that telecom woes and a weak consumer were going to cause an earnings miss.

The9 Limited (NASDAQ: NCTY) shares were up almost 9% at $19.50 right before the close today after the company issued a statement that rumors regarding its World of Warcraft contract renewal were false.

UST Inc. (NYSE: UST) shares were up 25% into the close at $67.58 after reports that Altria may acquire the smokeless tobacco company in a deal valued potentially at more than $10 billion.

Tags: LEH, NCTY, NOK, UST